IFF’s Sale of Flavor Specialty Ingredients Business to Exponent
February 16, 2023
On February 16, 2023, IFF, an industry leader in food, beverage, scent, health and biosciences, science and creativity, announced it has entered into an agreement to sell its Flavor Specialty Ingredients (“FSI”) business to Exponent, a leading UK‑based private equity firm, for $220 million in cash proceeds. FSI reports through IFF’s Scent division and is a leading manufacturer of synthetic and natural base aroma chemicals used in the flavor market. Cravath is representing IFF in connection with the transaction.
The Cravath team is led by partners Thomas E. Dunn and Matthew L. Ploszek and includes associates Adam M. Sanchez, Saagar Kaul, Gary R. Uter and William N. Hall on M&A matters; partner Lauren Angelilli and associate Carlos Nicholas Obando on tax matters; partner Eric W. Hilfers, senior attorney Sarah W. Colangelo and associate Tiffany B. Wong on executive compensation and benefits matters; partner Sasha Rosenthal‑Larrea and associates Carys J. Webb and Daniel M. Barabander on intellectual property matters; senior attorney Joyce Law and practice area attorney Lauren Piechocki on real estate matters; and senior attorney Annmarie M. Terraciano on environmental matters. Anthony J. Grisafi also worked on tax matters and Star S. Gulant also worked on environmental matters.
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